Green certification gains traction in Italian office sector

Italian developer Gruppo Vitali has formally handed over its 'green' Innovation Campus development in Peschiera Borromeo, south of Milan to tenant Microsoft Corporation. The scheme - representing the first Leed-certified business park in Italy - will house the new Italian headquarters of the PC software giant, confirming international companies' taste for sustainable buildings.

Designed by Barcelona-based architects Flores & Prats, the complex involves an investment of some EUR 150 mln and features around 60,000 m² of business accommodation, 40,000 m² of parking facilities, and 50,000 m² of services, restaurant and conference facilities, an auditorium, fitness centre, and a nursery.

'We are very satisfied that a multinational of this level chose an Italian partner for the development of its new head office,' said Massimo Vitali, president of Vitali Group, during a presentation of the project held at the Expo Italia Real Estate fair in Milan last week.

The decision to seek a Leed 'green' rating for the asset is an indication of the importance sustainability has gained in the Italian office sector. Whereas the announcement by Hines two years ago that it would aim for a Leed certificate for the Porta Nuova project in Milan was an exceptional event, these days developers are increasingly turning to sustainability as a way to stand out in a market where vacancies have reached over 10%.

Last month, UBS also achieved a Silver rating under Leed certification for its Centro Leoni office scheme in Milan. The complex offers a total of 52,000 m² of office accommodation leased to a number of international companies. 'Green certification is becoming more and more of an issue in the office sector,' commented Patrick Parkison, managing director of JLL's Milan office. 'Although green developments cost an additional 10% - and investors are often not prepared to pay for this, it is clear today that this investment makes the difference between what is sellable to international investors and occupiers and what is not.'

According to Federico Donda, JLL's head of Project and Development Services, the real estate services firm is reporting an increasing number of requests from occupiers to have their office brought up to green standards. 'We are working on several interior fit-out projects in which the costs are completely sustained by the occupier. We believe that in a couple of years' time all new buildings will be green-certified,' he added.